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2020 Cyprus Country Report

The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.

The 2020 Cyprus Country Report features in-depth articles on the economy, foreign direct investment, international trade and headquartering as well as detailed sector profiles and insights from Cyprus’ 100 most influential political, economic and business leaders shaping the future of their country and its industries.

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Sector Profile<br />

<strong>2020</strong> has<br />

taken an<br />

unexpected<br />

turn due to<br />

the Covid-19<br />

pandemic.<br />

Tourism, however, is resilient.<br />

It will come back. It is a great<br />

opportunity to change and<br />

start seeing tourists not as<br />

numbers with a dollar sign<br />

on their head, but as guests<br />

we welcome into our homes<br />

and whose visit will be an<br />

experience for both host and<br />

guest. The tourism comeback<br />

must choose a more sustainable<br />

and responsible route<br />

to tackle the climate crisis.<br />

Philippos Drousiotis<br />

Chairman<br />

<strong>Cyprus</strong> Sustainable<br />

Tourism Initiative (CSTI)<br />

3.97<br />

million tourists<br />

in 2019<br />

€2.683bn<br />

in revenue<br />

DIVERSE OFFERING<br />

Although <strong>Cyprus</strong> is rebranding its image, there is<br />

no doubt a key element of <strong>Cyprus</strong>’ appeal remains<br />

its ideal weather of 340 days of sunshine and its<br />

pristine beaches – which are consistently ranked<br />

as some of the best in Europe for their high environmental<br />

and quality standards. <strong>Cyprus</strong> has<br />

66 Blue Flag beaches and one Blue Flag Marina,<br />

renowned eco-labels awarded to beaches and<br />

marinas across the globe that meet specific standards.<br />

In 2019, <strong>Cyprus</strong> was lauded with the title of<br />

having the best bathing water quality in the EU,<br />

according to the European Commission and the<br />

European Environment Agency (EEA). Over the<br />

years, the island has consistently ranked at the top<br />

of this list for excellent water quality.<br />

The Mediterranean lifestyle and expanding<br />

tourism offering of <strong>Cyprus</strong> have strengthened its<br />

status in the global tourism market as a destination<br />

of choice for travellers of all budgets – with<br />

accommodation ranging from rustic retreats and<br />

vast Airbnb options to bespoke hotels and luxury<br />

resorts. With further development of its niche<br />

segments, <strong>Cyprus</strong> is set to also attract a more<br />

diverse demographic of tourists interested in experiencing<br />

authentic island life and exploring the<br />

country’s gastronomy and history. <strong>Cyprus</strong> boasts<br />

world-renowned archaeological sites, such as the<br />

ruins of the ancient city-kingdom of Kourion and<br />

the famous Paphos mosaics. In 2018, the <strong>Cyprus</strong><br />

antiquities department announced that it would<br />

be collaborating with the Getty Conservation<br />

Institute in Los Angeles to look at better conservation<br />

management of the World Heritage sites<br />

of Nea Pafos and the Tombs of the Kings, and to<br />

find ways of improving the visitor experience at<br />

these sites – a move that has been welcomed by<br />

both tourism officials and tourists.<br />

<strong>Cyprus</strong> has also long been a popular winter<br />

training venue for international sports groups<br />

and athletes, as well as a destination for various<br />

sports events, ranging from rallies to cycling and<br />

sailing. The island attracts thousands of athletes<br />

and hundreds of teams every year – mainly in<br />

the winter season – proving that this niche area<br />

of tourism still has considerable growth potential<br />

if developed properly. The country’s Tourism<br />

Ministry has identified sports as an integral part<br />

of <strong>Cyprus</strong>’ tourism product and is currently drafting<br />

new incentive schemes to attract more events,<br />

teams and athletes to the island. An estimated<br />

50,000 divers visit the island each year, many<br />

attracted by the opportunity to discover one of<br />

the top five dive sites in the world, the Swedish<br />

cargo vessel Zenobia, which sank off the coast of<br />

Larnaca in 1980. The island is creating more artificial<br />

diving reefs off the coasts of major tourist<br />

areas across the island to attract more divers. In<br />

addition, golf tourism is growing steadily thanks<br />

to the island’s year-round good weather and four<br />

18-hole international standard courses and exceptional<br />

facilities.<br />

LOVE AND WELLBEING<br />

Renowned as the mythical birthplace of<br />

Aphrodite, the goddess of love, <strong>Cyprus</strong> has<br />

become a popular destination for wedding<br />

tourism, which contributes up to €100 million<br />

a year to the economy. The number of destination<br />

weddings to <strong>Cyprus</strong> is around 8,000 per year,<br />

of which the majority are from the UK market,<br />

followed by neighbouring Israel and Lebanon.<br />

Russia, Poland, Ukraine and the UAE/MEA<br />

countries constitute growing markets and efforts<br />

are underway to also promote <strong>Cyprus</strong> as the ideal<br />

location for destination weddings and events<br />

<strong>Country</strong> <strong>Report</strong> CYPRUS <strong>2020</strong> 139

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